Britain's sixth biggest car retailer Vertu ignores VW woes to buy SHG

The emissions-rigging scandal at Volkswagen did not steer car dealers Vertu Motors away from making a £13million bet on Audi and VW outlets.

Vertu, Britain’s sixth largest car retailer with 117 outlets, has spent £12.8million – with a further £1.5million payment due in two years – on Hereford-based SHG Holdings.

Despite VW’s troubles shaking the German car maker to its core amid fears of billions in claims and damage to its reputation, the boss of Vertu believes customers still value the brand.

The emissions-rigging scandal at Volkswagen did not steer car dealers Vertu Motors away from making a £13million bet on Audi and VW outlets

Vertu chief executive Robert Forrester said: ‘While everyone would accept the current situation is undesirable, the vast majority of customers are still very positive towards the brands and there remains a high level of trust built over many years.’

SHG has three outlets for Audi and Volkswagen vehicles, two distribution bases and a used car business. Vertu shares reversed 1p to 6.5p.

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In a statement to the press,Mr Winterkorn said: 'I am shocked by the events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group.

'As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group.'